The prices of oils and fats in the European Union have increased by 23%

Published 2023년 5월 8일

Tridge summary

In the first quarter of 2023, the European Union witnessed a continued rise in food prices, with a notable 23% increase in the average price of oils and fats compared to the same period in 2022. This inflation peaked at 32% in December 2022, indicating a slight deceleration in the first three months of 2023. Almost all EU countries experienced an annual rise in the price of oils and fats, with Hungary, Denmark, and Belgium seeing the highest increases, while Croatia, Austria, and the Czech Republic reported the smallest price increases. Bulgaria was the only country to note a decrease in the price of oils and fats.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

After substantial increases during 2022, food prices continued to increase in the first quarter of 2023, with oils and fats among the products with the highest price increases. Specifically, data for March 2023 show that the price of oils and fats in the EU was, on average, 23% higher than in March 2022, according to Eurostat data. Oil and fats includes butter and butter products, margarine and other vegetable fats, edible oils (olive oil, corn oil, sunflower seed oil, cottonseed oil, soybean oil, peanut oil, walnut oil , etc.) and edible animal fats (lard, etc.). The peak of the annual rate of change occurred in December 2022 (+32% compared to December 2021), indicating a decrease of nine percentage points compared to the first three months of 2023. This suggests that the rate of inflation of oils and fats is beginning to slow down, highlights Eurostat, which points out that, for comparison: the increase in prices of oils and fats registered between March 2021 and March 2022 was ...

Source: Financialfood